The Loss and Damage Fund, established to assist vulnerable countries affected by climate change, will start in 2025. This news was confirmed by the President of Cop29 in Baku, Mukhtar Babayev, during the recent conference where the agreement for the full operation of the fund was signed. The financial support aims to repair the devastation caused by environmental disasters and to support displaced communities.
Babayev expressed gratitude for the work done by the Chairs of the previous editions of the Conference of the Parties (COP27 in Egypt and COP28 in the United Arab Emirates). These efforts laid the foundation for the current success.
Significant progress was made at a meeting in Baku in September, including the election of the Fund’s Board Director. We formalized agreements with donors, including the Philippines and the World Bank. However, the president stressed that the mission is not yet complete. The fund must now focus on identifying specific projects that urgently need support. It is crucial that countries that have pledged funding honor their commitments and contribute significantly.
With the distribution of funds scheduled to begin in 2025, Babayev urged conference participants to take advantage of this favorable moment. He referred to the importance of continuing work on key goals such as climate finance and market mechanisms for emissions. The creation of this fund represents a significant step towards mitigating the effects of climate change in the most vulnerable countries. With adequate commitments and concrete actions, there is hope to provide essential support to the affected communities. In conclusion, the future of the fight against climate change depends on the collective will of countries to collaborate and invest in sustainable solutions, thus ensuring an effective response to the impending environmental crises.
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